Core Viewpoint - The Chief Strategy Officer of Zhejiang Securities, Qiu Guanhua, emphasizes the company's goal to solidify its foundation and strive for a top-five position in the next five years, highlighting a commitment to continuous management optimization and iteration [1] Group 1: Management Strategy - The company aims to transition from a people management approach to a rule-based system, ensuring that all operations are conducted according to established guidelines [1] - There is a focus on reducing the number of initiatives, believing that excelling in one area is more valuable than spreading efforts across many [1] - The emphasis on talent efficiency over sheer numbers indicates a strategic shift towards leveraging high-quality personnel to achieve organizational goals [1] Group 2: Research Focus - The research division will prioritize depth over breadth, concentrating on fewer, more impactful projects rather than a wide array of less significant ones [1] - The commitment to doing the right things correctly and to the highest standard is a guiding principle for the research team [1] Group 3: Future Outlook - The company is set on a path of continuous improvement and adaptation, with a clear vision for its strategic direction over the next five years [1]

Core Viewpoint - The Chief Strategy Officer and General Manager of the Research Division at Zheshang Securities emphasizes that talent is the primary productivity of the research division, highlighting a commitment to nurturing young talent and creating a supportive work environment [1] Group 1: Talent Philosophy - Zheshang Securities focuses on three key characteristics in its talent strategy: prioritizing young individuals, ensuring that employees work hard but do not suffer, and adopting an open approach to talent acquisition [1]

Core Viewpoint - Zhejiang Securities aims to establish itself as a top-tier research institute in China, focusing on the Yangtze River Delta, embracing large finance, and concentrating on new industries [1] Group 1 - The company is committed to building a first-class diamond research institute [1] - It emphasizes three key aspects: integration of production and finance, combination of sell-side research and wealth management, and alignment of employee careers with the company's mission [1] - The goal is to solidify its foundation and strive for a top-five position within five years, becoming a respected leading research institute [1]

Core Viewpoint - Zhejiang Securities is undergoing a significant top-down restructuring of its core management team, with the recent appointment of Cheng Jingdong as president following the new chairman's arrival just three months prior [1][17]. Management Changes - Cheng Jingdong, a veteran in the investment banking sector, has been promoted to president after serving as vice president for nearly seven years, indicating a typical internal promotion [1][17]. - The company has seen a series of high-level personnel changes since 2025, including shifts in key positions such as vice president, chief risk officer, and financial director, indicating a comprehensive personnel adjustment [1][17]. - The new leadership aims to leverage the recovery of the capital market to enhance internal growth and achieve the goal of becoming a top-tier investment bank [1][17]. Performance Overview - Zhejiang Securities reported a nearly 50% year-on-year increase in net profit attributable to shareholders for the first three quarters of 2025, driven by strong growth in brokerage and proprietary trading businesses [1][17]. - The company's operating expenses were significantly reduced, with a 60.36% year-on-year decrease, contributing to the profit growth [1][17]. - Despite the overall profit increase, the growth rate is positioned in the middle to lower range among listed brokerages, highlighting the challenge of sustaining growth amid market fluctuations [1][17]. Investment Banking Business - Cheng Jingdong's leadership has seen explosive growth in underwriting business, particularly in bond underwriting, which ranked in the top ten of the industry for five consecutive years until recently [1][17]. - However, the company has faced a decline in both equity and bond underwriting activities, with bond underwriting dropping to 12th in the industry by the first half of 2025 [1][17]. - The net income from investment banking fees has decreased from over 10 billion yuan in 2020-2021 to 7.2 billion yuan in 2024, although there was a 12.6% year-on-year recovery in the first half of 2025 [1][17]. Analyst Departures and Organizational Changes - The research department has experienced a wave of analyst departures, with 12 analysts leaving in a short period, raising concerns about internal governance and compliance issues [1][17]. - The restructuring of the organization and internal governance upgrades are ongoing, indicating that the changes within the company are not yet complete [1][17]. Financial Performance and Market Position - As of the first three quarters of 2025, Zhejiang Securities achieved a net profit of 1.892 billion yuan, reflecting a 49.57% year-on-year increase, slightly below the industry average [1][17]. - The company’s operating revenue for the first three quarters was 6.789 billion yuan, marking a 66.73% increase compared to the adjusted figures from the previous year [1][17]. - The strategic goal set by the new chairman is to position Zhejiang Securities among the top 15 brokerages in the industry, emphasizing the need for effective integration and performance improvement following the acquisition of Guodu Securities [1][17].

Core Viewpoint - The company emphasizes the importance of cash dividends as a key method for returning value to shareholders and demonstrating corporate strength, aligning with the "investor-centric" philosophy [1][2]. Group 1: Dividend Strategy - Zhejiang Securities has committed to a stable and predictable high-quality dividend policy, responding to the new "National Nine Articles" and the China Securities Regulatory Commission's requirements for cash dividends [1]. - In the first half of 2025, the company plans to distribute a cash dividend of 0.07 yuan per share (including tax), totaling 317 million yuan (including tax), positioning itself as a proactive participant in the brokerage industry's mid-year dividend distribution [1]. - Since its listing in 2017, the company has distributed a total of 4.064 billion yuan in dividends, with a 2024 annual dividend of 0.10 yuan per share (totaling 454 million yuan) and an additional third-quarter dividend of 0.05 yuan per share (totaling 227 million yuan) [2]. Group 2: Regulatory Environment - The new "National Nine Articles" aims to strengthen cash dividend regulations, promote higher dividend yields, enhance dividend stability, and encourage multiple distributions within a year [2]. - The China Securities Regulatory Commission has revised the guidelines for cash dividends, simplifying mid-year distribution procedures to provide institutional support for quality companies to increase returns [2]. Group 3: Future Outlook - The company plans to continue its "quality improvement, efficiency enhancement, and return focus" strategy, aiming for high-quality development by enhancing core competitiveness and optimizing resource allocation [3]. - By prioritizing investor interests and increasing direct returns through cash dividends, the company aims to foster a new ecosystem in the capital market that allows investors to share in economic growth [3].

Core Viewpoint - Zhejiang Securities successfully issued its fourth short-term financing bond for 2025, with a total issuance scale of RMB 1.5 billion and a maturity date set for February 11, 2026 [1]. Group 1 - The company issued the short-term financing bond on May 14, 2025, with a coupon rate of 1.68% and a term of 273 days [1]. - The total amount paid on the maturity date, February 11, 2026, was RMB 1,518,848,219.18, which includes both principal and interest [1].

Core Viewpoint - Zhejiang Securities successfully issued its fourth short-term financing bond for 2025, with a total issuance scale of RMB 1.5 billion and a coupon rate of 1.68% [1] Group 1 - The short-term financing bond has a maturity period of 273 days, with the repayment date set for February 11, 2026 [1] - On February 11, 2026, the company repaid the principal and interest of the short-term financing bond, totaling RMB 1,518,848,219.18 [2]

Core Viewpoint - The appointment of Cheng Jingdong as the new president of Zheshang Securities marks a significant leadership transition, establishing a dual-core management structure alongside Chairman Qian Wenhai, aimed at enhancing the company's development strategy and operational efficiency [3][12][17] Group 1: Leadership Transition - Cheng Jingdong has been nominated as the new president and vice secretary of the party committee of Zheshang Securities, following a decision by the actual controller, Zhejiang Transportation Investment Group [2][11] - This transition ends the previous arrangement where Chairman Qian Wenhai held both the chairman and president roles, allowing for a clearer division of responsibilities between strategic leadership and operational execution [3][7] Group 2: Background of Cheng Jingdong - Cheng Jingdong, aged 56, holds a doctoral degree and has over 30 years of experience in the financial sector, with a diverse background that includes roles in financial regulation, commercial banking, investment banking, and legal services [4][13][14] - His career includes significant positions at the People's Bank of China, the China Securities Regulatory Commission, and various banks, providing him with a comprehensive understanding of risk control, compliance, and capital market operations [4][14] Group 3: Performance and Achievements - Since joining Zheshang Securities in April 2019 as vice president, Cheng has overseen a substantial increase in the investment banking division's performance, completing 64 equity financing projects and 1,537 bond underwriting projects, with a total financing scale exceeding 740 billion yuan [5][15] - In 2025, the company achieved notable results, including 7 equity financing projects and 334 bond underwriting projects, with the underwriting scale surpassing 100 billion yuan, solidifying its leading position in the province [5][15] Group 4: Future Development Strategy - The leadership change is part of Zheshang Securities' strategic focus on high-quality development, with net profits showing steady growth from 1.754 billion yuan in 2023 to 1.149 billion yuan in the first half of 2025 [8][17] - The company aims to become a leading investment bank, with plans to implement its "14th Five-Year Plan," enhance operational efficiency, and integrate with Guodu Securities, targeting the goal of becoming a mid-to-large-sized brokerage [8][17]

证券代码：601878 证券简称：浙商证券 公告编号：2026-011 2026 年 2 月 11 日，本公司按期兑付了本期短期融资券本息共计人民币 1,518,848,219.18 元。 浙商证券股份有限公司 2025 年度第四期短期融资券兑付完成公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 浙商证券股份有限公司（以下简称"本公司"）于 2025 年 5 月 14 日成功发 行了浙商证券股份有限公司 2025 年度第四期短期融资券（以下简称"本期短期 融资券"），本期短期融资券发行规模为人民币 15 亿元，票面利率为 1.68%， 短期融资券期限为 273 天，兑付日期为 2026 年 2 月 11 日（详见本公司于 2025 年 5 月 15 日登载于上海证券交易所网站 www.sse.com.cn 的《浙商证券股份有限 公司 2025 年度第四期短期融资券发行结果公告》）。 浙商证券股份有限公司董事会 2026 年 2 月 13 日 特此公告。 ...

Group 1 - The core point of the article is that Zhejiang Securities (601878.SH) has announced the appointment of Cheng Jingdong as the Deputy Secretary of the Party Committee and has nominated him as the candidate for the position of Director and President of the company [1] Group 2 - The company will follow relevant laws, regulations, and its Articles of Association to expedite the election process for the Director and the appointment process for the President [1] - The company will fulfill its information disclosure obligations in accordance with the relevant procedures [1]